Archive for 2008

Employment Report Disaster

Ken Bell’s (of Market Rubbernecker) analysis of the Employment numbers, you can tell by the title where this is going. 

Employment Report Disaster

A loss of 49,000 jobs. If only it were so benign. Today, we add to the heaping pile of rotting economic indicators the latest monthly employment report from the Bureau of (lack of) Labor Statistics. At least this time the headlines don’t appear to be shading the report, but they’re not fully capturing just how ugly it is.

Let’s start with the nonfarm payroll numbers. This showed a loss of 49,000 jobs in the month. Nothing too surprising in the breakdown — construction and manufacturing down, service-providing up modestly, professional and business services down, education and health services continued their strong steady climb, and our "less is more" Republican-led government continues to grow. The only somewhat surprising number was that leisure and hospitality employment continued to grow despite an obviously stressful time for the consumer.

Now let’s turn to the unemployment rate, which is the number we’ll be hearing about in the news today. Its one month increase of .5% is the highest monthly jump in over 20 years! In layman’s terms, that’s bad. How did this happen? Double-whammy. The number of employed persons fell by 285,000 last month while the number of unemployed rose by 861,000! There are now 8.5 million people counted as unemployed, a level 30% higher than a year ago. And, yet, we’re not in a recession?

What’s also interesting is that the increase in the unemployment rate hit everyone. Men, women, teens, hermaphrodites, loan originators, and people of every color. Teens in particular took a hard hit with their rate climbing from 15.4% to 18.7%. Good luck getting your teens out of the house this summer. Even the professions that they’re overqualified for (like investment banker, mortgage broker, home appraiser) aren’t hiring. 

Well, if you’ve made it this far you’re in for a real treat — the birth/death model. If you’re not familiar with this, go back and read my post on April’s employment report. Incredibly, this latest employment report includes an assumed 217,000 jobs created! If you back that out, then this month’s nonfarm payroll figure would be registering a loss of 266,000 jobs! This birth/death model is assuming that 42,000 CONSTRUCTION jobs were added last month. That’s just insane. Foreclosures


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Optrader’s swing trading virtual portfolio – A recap.

As the virtual portfolio is now available only to subscribers, I thought it would be a good time to do an analysis of the results so far.

Virtual Portfolio was started 10 weeks ago. All trades were posted live in the comments and in the virtual portfolio. All trades were directional, simple calls/puts or verticals. We risked a constant R on all trades, never more than 3% of virtual portfolio.

Total profit is now an amazing 133R or 399% of initial virtual portfolio, without compounding.
We have closed 73 trades. 59 (81%) of them were winning trades and 14 (19%) were losses.
Total wins were 119.05R
Total losses were 13.95R
Average win was 2R
Average loss was 0.99R

Expectancy is (81%X2R)-(19%X0.99R)=1.43R

This means that on average we should expect on each trade a profit of 1.43R.

I am obviously extremely pleased with these results and hope everyone who has been following found some good value in our section and made some good money. Not only by following the trades posted, but especially thanks to the simple method explained everyday in the comments.
The main factor in our success is that so far we have not let a single trade go too far against us and this is reflected in our average loss of only 0.99R.
In the coming weeks I will be focusing on improving our average win, as I think there is room to do better than 2R. We need to be more patient in taking profits out, especially on the first 1/3. This strategy has helped us having a win rate of 81%, but I don’t think this is sustainable in the long run, so we need to improve the average win if we want to keep posting such profits.
Most importantly, we will keep demonstrating that it is easy to be consistently profitable by following some very simple rules with good discipline and money management. With no need for complex analysis, use of complicated indicators, and without trying to guess where the market is going.

 





Optrader’s swing trading virtual portfolio – A recap.

As the virtual portfolio is now available only to subscribers, I thought it would be a good time to do an analysis of the results so far.

Virtual Portfolio was started 10 weeks ago. All trades were posted live in the comments and in the virtual portfolio. All trades were directional, simple calls/puts or verticals. We risked a constant R on all trades, never more than 3% of virtual portfolio.

Total profit is now an amazing 133R or 399% of initial virtual portfolio, without compounding.
We have closed 73 trades. 59 (81%) of them were winning trades and 14 (19%) were losses.
Total wins were 119.05R
Total losses were 13.95R
Average win was 2R
Average loss was 0.99R

Expectancy is (81%X2R)-(19%X0.99R)=1.43R

This means that on average we should expect on each trade a profit of 1.43R.

I am obviously extremely pleased with these results and hope everyone who has been following found some good value in our section and made some good money. Not only by following the trades posted, but especially thanks to the simple method explained everyday in the comments.
The main factor in our success is that so far we have not let a single trade go too far against us and this is reflected in our average loss of only 0.99R.
In the coming weeks I will be focusing on improving our average win, as I think there is room to do better than 2R. We need to be more patient in taking profits out, especially on the first 1/3. This strategy has helped us having a win rate of 81%, but I don’t think this is sustainable in the long run, so we need to improve the average win if we want to keep posting such profits.
Most importantly, we will keep demonstrating that it is easy to be consistently profitable by following some very simple rules with good discipline and money management. With no need for complex analysis, use of complicated indicators, and without trying to guess where the market is going.

 





Dare To Fail (Greatly)!

"Only those who dare to fail greatly can ever achieve greatly" – Robert Kennedy

It seems fitting with so many tributes to Robert Kennedy this past week to include a quote from him that can easily be applied to stock market trading.  Indeed the quotation may be considered analagous to Buffett’s famous adage:  "Buy Fear and Sell Greed".

What is not so well known is that Buffett later revised his quote.  Recognizing that few have the mental fortitude to trade bullishly in the midst of panic and bearishly in the midst of exuberance, he expanded upon his statement with this more recent remark:

"You know, I always say you should get greedy when others are fearful and fearful when others are greedy. But that’s too much to expect. Of course, you shouldn’t get greedy when others get greedy and fearful when others get fearful. At a minimum, try to stay away from that."

Moreover, Buffett commented that

"Stocks are a better buy today than they were a year ago. Or three years ago."

But how many will have panicked following Friday’s move and failed Buffett’s ammended statement?  The likelihood is fewer still will have dared consider any bullish position. 

At Stock and Option Trades, we were fortunate to side-step both Thursday’s greed and Friday’s fear.  Indeed, in Thursday’s blog, we stated:

"Factoring in the fickle nature of the markets recently, it only reinforces the fact that caution and patience are needed when trading.  We have seen far too many attempted breakouts fail during an unstable market."

With that said, we have commented that more aggressive investors can start to dabble (buying the fear).  And by dabble, we mean scale gently into the market.  We expected conservative investors could start to dip their toes in the water in the middle of this month and commented hitherto that we would favor this course of action ourselves. 

That doesn’t mean sitting on the sidelines.  We’re still trading as evidenced by each week’s Trade Alerts, but we’re still holding heavy cash positions.  And we’re selfishly hoping for more to the downside so we can swoop up bargains at the bottom. 

Even if buying stocks proves too difficult, it is definitely worth considering option premiums on bull put spread trades when panic levels really skyrocket.  You will find numerous stocks during selloffs like Friday’s that have great fundamentals and will be great long-term winners, and are already undervalued; we…
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Preparing for the Fall

Graham Summers makes a compelling argument for the market to be very weak, subject to a large drop, over the next half a year.  - Ilene

Preparing for the Fall

Excerpts:  "Prepare yourself now."

"The market is widely referred to as a discounting mechanism. However, its ability to discount anything extends only as far as the collective knowledge of its participants. And to be blunt, the vast majority of today’s investors— professional or otherwise— know little if anything about making money in the market…

The issue of ignorance extends beyond individual investors to professional traders. As Bill King put it in an earlier essay, “There is a whole generation of traders whose knowledge of investing and financial history dates back to 1990 at most. Put another way, there are thousands and thousands of guys in their 40s who trade for a living and have never seen a real bear market or recession.”

As much as the financial media likes to refer to the Bear Stearns bailout and the Federal Reserve’s other recent actions as unprecedented, the reality is that similar events have occurred in the past. And history offers some striking advice as to what to expect for the remainder of 2008.

There have been three March financial crisis and subsequent interventions in the 20th century alone—1907, 1929, and 1980. And while the ones intervening changed— JP Morgan in 1907, Herbert Hoover in 1929, and Jimmy Carter in 1980— the effects of the interventions were always the same: The intervention marked a temporary bottom followed by a brief two to three month rally, then a very ugly fall (literally and seasonally).

Thus, I believe the market is ripe for a major (20% or more) downturn in the coming months. Novice investors would do well to shift a sizable portion of their portfolios to cash."





The oil shock of 2008

James Hamilton assesses the affect of the sharp spike in oil prices currently, and in no way does this look good.  Very clear, illustrative charts. 

Courtesy of Econbrowser‘s James Hamilton. 

The oil shock of 2008

Time to reassess the potential for recent oil price increases to contribute to an economic downturn.

The sharp spikes in oil prices associated with the 1973-74 oil embargo, the 1978 Iranian Revolution, the Iran-Iraq War in 1980, and the first Persian Gulf War in 1990 were each followed by an economic recession. However, when oil prices started to rise again five years ago, many of us suggested that things would be different this time, in part because the price was rising much more gradually and so should be less disruptive of consumer spending patterns. Others emphasized that, despite the price increases, oil was still cheaper than it had been historically if you took into account inflation. However, once you include the most recent data, neither of those claims would still be true.



Average monthly dollar price of West Texas Intermediate (from FRED divided by ratio of contemporaneous to March CPI (also from FRED).
oil_price_jun_08.gif


Another reason consumers had been largely shrugging off the oil price increases of the last few years is that they could afford to do so, since energy expenditures had fallen so significantly as a fraction of total income. However, as a result of rising oil prices, that, too, is no longer the case. The graph below shows a rough estimate of the dollar value of U.S. crude oil consumed as a fraction of GDP. This ratio fell as low as 1.1% in 1998, but is up to 5.2% so far in the first quarter of 2008. And that’s on the basis of the average 2008:Q1 oil price of $98 a barrel-- you’d pay $128 as of today.



One hundred times the ratio of (1) annual average of monthly WTI price per barrel (from FRED) times annual U.S. crude oil consumption (from EIA) to (2) annual nominal GDP (from BEA Table 1.1.5).
oil_to_gdp_jun_08.gif


We’ve reached the point where American businesses and consumers simply can no longer afford to ignore the price of fuel, and we’re getting clear indications of real changes in behavior.


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A Solar Grand Plan

Interesting article, a coherent plan for solar energy to end our reliance on countries in the Middle East.  From Scientific American Magazine – December 16, 2007.  – Ilene 

A Solar Grand Plan

By 2050 solar power could end U.S. dependence on foreign oil and slash greenhouse gas emissions

By Ken Zweibel, James Mason and Vasilis Fthenakis

Excerpt: High prices for gasoline and home heating oil are here to stay. The U.S. is at war in the Middle East at least in part to protect its foreign oil interests. And as China, India and other nations rapidly increase their demand for fossil fuels, future fighting over energy looms large. In the meantime, power plants that burn coal, oil and natural gas, as well as vehicles everywhere, continue to pour millions of tons of pollutants and greenhouse gases into the atmosphere annually, threatening the planet.

Well-meaning scientists, engineers, economists and politicians have proposed various steps that could slightly reduce fossil-fuel use and emissions. These steps are not enough. The U.S. needs a bold plan to free itself from fossil fuels. Our analysis convinces us that a massive switch to solar power is the logical answer.

Solar energy’s potential is off the chart. The energy in sunlight striking the earth for 40 minutes is equivalent to global energy consumption for a year. The U.S. is lucky to be endowed with a vast resource; at least 250,000 square miles of land in the Southwest alone are suitable for constructing solar power plants, and that land receives more than 4,500 quadrillion British thermal units (Btu) of solar radiation a year. Converting only 2.5 percent of that radiation into electricity would match the nation’s total energy consumption in 2006. To convert the country to solar power, huge tracts of land would have to be covered with photovoltaic panels and solar heating troughs. A direct-current (DC) transmission backbone would also have to be erected to send that energy efficiently across the nation.

The technology is ready. On the following pages we present a grand plan that could provide 69 percent of the U.S.’s electricity and 35 percent of its total energy (which includes transportation) with solar power by 2050. We project that this energy could be sold to consumers at rates equivalent to today’s rates for conventional power sources, about five cents per kilowatt-hour (kWh). If wind, biomass and geothermal sources were also developed, renewable energy could provide…
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Roadside Attraction

Paul Price will be sharing his trading ideas with us!, in the Member’s Forum, and so, check in during the day to see what’s going on.  Paul’s prior picks and articles can be found on Seeking Alpha, however his posting here will be more timely.   We’ll have the Member’s Forum revived for next week.  In the meantime, here’s Paul’s latest trading idea.  – Ilene 

Roadside Attraction

Roadside Attraction – CBRL Group – Cracker Barrel Restaurants
CBRL Group [NDQ:CBRL] June 6, 2008 1:35 PM price: $28.32
52-week range: $24.00 (Jan. 22, 2008) – $46.30 (Jun. 15, 2007)
Dividend = $0.18 quarterly = 2.55% current yield.
 
CBRL operates 576 Cracker Barrel Old Country Store restaurants/gift shops in 41 states. Sites are mainly located near major highways and tourist areas. Prepared food represented 78.4% and retail sales were 21.6% of FY 2007 revenues. CBRL also owns and operates 143 company owned and 26 franchised Logan’s Roadhouse restaurants.
 
These shares have been quite volatile this year as the weak economy and high gas prices have dampened investor enthusiasm for casual dining stocks. The valuation is absolutely compelling, though. Here’s the story…
 
CBRL is on a fiscal year ending in July. Each FY since 2000 has shown improved EPS and the dividend has been increased significantly since 2003. Both are due to finish FY 2008 [ends July 31] at all-time record levels despite all the macro-economic headwinds.
 
The per-share data since 2001 as reported by Value Line:
FY 2008 includes estimates for Q4.
 
FY …….. Sales …..Cash Flow……EPS ……Dividend …Outstanding Sh…Avg. P/E
2008 …$110.00…..$5.70 ………$3.03 …….$0.72 ……..22.00 MM …….. 13.9x
2007 ….$99.35 ….. $5.61 ………$2.52 …….$0.56 ….…23.67 MM …….. 17.2x
2006 ….$85.46 ….. $6.10 ………$2.50 …….$0.52 …….30.93 MM …….. 15.3x
2005 ….$55.07 ….. $4.16 ………$2.45 …….$0.48 …….46.62 MM …….. 15.9x
2004 .…$48.82 ….. $3.70 ………$2.31 …….$0.44 …….48.77 MM …….. 15.9x
2003 .…$45.92 ….. $3.57 ………$2.09 …….$0.02 …….47.87 MM …….. 14.0x
2002 .…$41.11 ….. $3.07 ………$1.64 …….$0.02 …….50.27 MM …….. 16.6x
2001 .…$35.69 ….. $2.52 ………$1.30 …….$0.02 …….55.03 MM ………13.5x
 
The company has been buying in their own shares by the bucketful. The large drop in share count…
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NYX Trade

Good morning everyone!  This is a new options trade in NYX, given to us by Daniel Jones, of OptionsNotions.  The earlier trade (March) was concluded and new positions taken on June 4th.  Due to yesterday’s massive sell off, NYX is cheaper now by about $2, and it’s probably an even better time to post this recommendation.  – Ilene 

Dear Option Investor,
NYX TRADE PROFIT TAKING RECOMMENDATION & OPENING NEW POSITIONS:
 
We mentioned earlier this week that we intended on making an "inter-week" pick or two, so here’s the first; We also swore not to go into the teeth of a market that seemed determined to sell off, but we see some opportunity in a specific name that really looks compelling to us. It’s a revisit to a name we found a great trade on back in the March – May timeframe, and its back at the starting blocks again, and we still like what we see there.
 
To recap the first trade, back on March 9, 2008, we made a trade recommendation (email us for a copy of the original if you would like it) on NYX stock at $60.51, which suggested buying the shares, a long call spread and also some written puts.  By the early part of May, NYX had moved up over $76 this morning (May 7, 2008) and we made a call to exit the call spread, sell the stock and closing out the short puts.  This recommendation performed quite well.   Our specific original picks were:  writing the buying the stock at $60 or less, (it touched off of $57.50 in the ensuing days) selling June 60 puts, selling the September 55 puts, and going long a June $70 / $80 call spread. 
 
Taking those trades one by one, after the run up to May 7, we recommend selling covered calls against the long NYX stock holdings you may have had.  We advocated selling the June $80 calls for $2.20, or even the September $85 calls for $3.50.  Either series of calls represented fair value in our opinion.  If you sold those calls, now is the time to buy them back cheap.  June 80 calls can be bought back for under a nickel.  September 85′s are roughly 40 cents.  Recommendation:  Close those…
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Power of Personality

History lesson from Mish on the Power of Personality and how it has helped in our quest to keep oil prices down.   The power of persuasion has also had it’s influence and we can only wonder what life would be like but for the "sheer force of personality."  – Ilene 

Oil Prices vs. Power of Personality

Dateline June 5th 2008:

Shura member calls for oil production curbs in Saudi Arabia.

Saudi Arabia’s Shura council (parliament) will hold a series of meetings over the next two weeks to discuss a controversial proposal by a key member to curb oil production to save reserves for better prices, Saudi media reported. The council will listen to a report by deputy chairman of the Shura water and public utilities committee, Salim bin Rashid Al Marri, who will argue for cutting crude supplies to maintain the Kingdom’s underground reserves.

"Marri will seek to persuade council members that the oil production must be linked to the country’s actual development needs not the needs of foreign consumers," Alriyadh newspaper said in a report from the capital Riyadh. "He will tell the Council that keeping sufficient oil quantities underground is a good investment for the future as oil prices will then be higher…he will argue that this will be better than producing more oil and generating financial surpluses on the grounds these surpluses are causing inflation."

"The price of oil under ground is actually higher than its current market price because it will become a unique commodity by time and demand will continue to rise because of a steady growth in the world’s population," Marri told Alriyadh.

"The level of oil production in Saudi Arabia must be linked to the country’s actual development and financial needs not to market prices and the need of foreign consumer. It is not wise to sap this resource just to satisfy the demand of foreign markets.

Dateline June 5th 2008:
Saudi oil revenues touch $1bn per day

Saudi Arabia is making $1 billion (Dh3.67bn) a day in oil revenues on the back of record global fuel prices, according to a top executive at Riyadh-based Jadwa investment company.

"Currently Saudi Arabia is making over a $1bn a day in oil revenues. So $30bn a month, of which about half is being used to support core government spending, and


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Phil's Favorites

Overpriced tech IPOs sell grand visions but aren't worth their valuations

 

Overpriced tech IPOs sell grand visions but aren't worth their valuations

rblfmr / Shutterstock.com

Courtesy of John Colley, Warwick Business School, University of Warwick

The year of the tech IPO is 2019. Uber went public on May 10 with a US$82.4 billion valuation. Fellow ride-sharing app Lyft floated in March with a U$24 billion valuation and Pinterest had a US$10 billion IPO in April...



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Zero Hedge

Futures Slides As Trade Tensions Escalate

Courtesy of ZeroHedge. View original post here.

S&P futures were lower on Wednesday as investors sought safety in bonds, the Japanese yen and Swiss franc in muted trade amid renewed worries over the U.S.-China spat after reports Washington is considering cutting off the flow of American technology to as many as five Chinese companies including Hangzhou Hikvision Digital Technology, the world's largest supplier of video surveillance products, expanding the US crackdown on China beyond Huawei to include world leaders in video surveillance. The dollar and 10Y yield were unchanged ahead of today's FOMC Minutes.

...



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Kimble Charting Solutions

Emerging Markets About To Submerge If 3-Year Support Breaks?

Courtesy of Chris Kimble.

Are Emerging Markets about to “Submerge” and head a good deal lower? What they do at (3) will go a long way in answering this question!

Emerging Markets ETF (EEM) has been lagging the broad market for the past 15-months. They hit their 50% retracement level of the last year’s highs and lows and falling resistance at (2) recently. The weakness of last has EEM trading below its 200-MA line.

EEM has spent the majority of the past 3-years inside of rising channel (1), which reflects that this trend remains up. The weakness of late has it testing the bo...



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Insider Scoop

Amgen To Buy Danish Collaborator Nuevolution For $167M

Courtesy of Benzinga.

Amgen, Inc. (NASDAQ: AMGN) took a logical step forward in buying a preclinical biotech it has been collaborating with since 2016. 

What Happened

Amgen announced Wednesday an agreement to buy Copenhagen-based Nuevolution for $167 million.

Th...



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Chart School

Weekly Market Recap May 18, 2019

Courtesy of Blain.

China – U.S. trade talk continued to dominate the week.   A heavy selloff Monday was followed by 3 up days, with Friday moderately down.

On Monday, Chinese officials announced retaliatory tariffs against the U.S., hitting $60 billion in annual exports to China with new or expanded duties that could reach 25%.

Then on Wednesday:

The Trump administration plans to delay a decision on instituting new tariffs on car and auto part imports for up to six months, according to media reports.

...

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Digital Currencies

Cryptocurrencies are finally going mainstream - the battle is on to bring them under global control

 

Cryptocurrencies are finally going mainstream – the battle is on to bring them under global control

The high seas are getting lower. dianemeise

Courtesy of Iwa Salami, University of East London

The 21st-century revolutionaries who have dominated cryptocurrencies are having to move over. Mainstream financial institutions are adopting these assets and the blockchain technology that enables them, in what ...



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Biotech

DNA as you've never seen it before, thanks to a new nanotechnology imaging method

Reminder: We are available to chat with Members, comments are found below each post.

 

DNA as you've never seen it before, thanks to a new nanotechnology imaging method

A map of DNA with the double helix colored blue, the landmarks in green, and the start points for copying the molecule in red. David Gilbert/Kyle Klein, CC BY-ND

Courtesy of David M. Gilbert, Florida State University

...



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ValueWalk

More Examples Of "Typical Tesla "wise-guy scamminess"

By Jacob Wolinsky. Originally published at ValueWalk.

Stanphyl Capital’s letter to investors for the month of March 2019.

rawpixel / Pixabay

Friends and Fellow Investors:

For March 2019 the fund was up approximately 5.5% net of all fees and expenses. By way of comparison, the S&P 500 was up approximately 1.9% while the Russell 2000 was down approximately 2.1%. Year-to-date 2019 the fund is up approximately 12.8% while the S&P 500 is up approximately 13.6% and the ...



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Members' Corner

Despacito - How to Make Money the Old-Fashioned Way - SLOWLY!

Are you ready to retire?  

For most people, the purpose of investing is to build up enough wealth to allow you to retire.  In general, that's usually enough money to reliably generate a year's worth of your average income, each year into your retirement so that that, plus you Social Security, should be enough to pay your bills without having to draw down on your principle.

Unfortunately, as the last decade has shown us, we can't count on bonds to pay us more than 3% and the average return from the stock market over the past 20 years has been erratic - to say the least - with 4 negative years (2000, 2001, 2002 and 2008) and 14 positives, though mostly in the 10% range on the positives.  A string of losses like we had from 2000-02 could easily wipe out a decades worth of gains.

Still, the stock market has been better over the last 10 (7%) an...



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Mapping The Market

It's Not Capitalism, it's Crony Capitalism

A good start from :

It's Not Capitalism, it's Crony Capitalism

Excerpt:

The threat to America is this: we have abandoned our core philosophy. Our first principle of this nation as a meritocracy, a free-market economy, where competition drives economic decision-making. In its place, we have allowed a malignancy to fester, a virulent pus-filled bastardized form of economics so corrosive in nature, so dangerously pestilent, that it presents an extinction-level threat to America – both the actual nation and the “idea” of America.

This all-encompassing mutant corruption saps men’s souls, crushes opportunities, and destroys economic mobility. Its a Smash & Grab system of ill-gotten re...



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OpTrader

Swing trading portfolio - week of September 11th, 2017

Reminder: OpTrader is available to chat with Members, comments are found below each post.

 

This post is for all our live virtual trade ideas and daily comments. Please click on "comments" below to follow our live discussion. All of our current  trades are listed in the spreadsheet below, with entry price (1/2 in and All in), and exit prices (1/3 out, 2/3 out, and All out).

We also indicate our stop, which is most of the time the "5 day moving average". All trades, unless indicated, are front-month ATM options. 

Please feel free to participate in the discussion and ask any questions you might have about this virtual portfolio, by clicking on the "comments" link right below.

To learn more about the swing trading virtual portfolio (strategy, performance, FAQ, etc.), please click here ...



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Promotions

Free eBook - "My Top Strategies for 2017"

 

 

Here's a free ebook for you to check out! 

Phil has a chapter in a newly-released eBook that we think you’ll enjoy.

In My Top Strategies for 2017, Phil's chapter is Secret Santa’s Inflation Hedges for 2017.

This chapter isn’t about risk or leverage. Phil present a few smart, practical ideas you can use as a hedge against inflation as well as hedging strategies designed to assist you in staying ahead of the markets.

Some other great content in this free eBook includes:

 

·       How 2017 Will Affect Oil, the US Dollar and the European Union

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About Phil:

Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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About Ilene:

Ilene is editor and affiliate program coordinator for PSW. She manages the site market shadows, archives, more. Contact Ilene to learn about our affiliate and content sharing programs.

Market Shadows >>